Date(s) - 09/22/2017
3:00 pm - 4:30 pm
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The third seminar in the Department of Economics Seminar Series for the Fall 2017 term is Friday, 9/22/17. The seminars are open to everyone and are held in the Behavioral Sciences building, room 103, at 3:00pm.
September 22nd’s seminar speaker is Professor Steven M. Fazzari. Dr. Fazzari is a professor in the Department of Economics at Washington University in Saint Louis, Missouri. His research explores two main areas: the financial determinants of investment and R&D spending by U.S. firms and the foundations of Keynesian macroeconomics. A recent search found more than 1,100 citations to Fazzari’s publications in the Research Papers in Economics database (over 5,000 in Google Scholar).
Dr. Fazzari will be presenting his paper: “The Sustainability of U.S. Household Finances.” Please see the following abstract:
“The financial sustainability of U.S. households is usually proxied by intuitive measures, like the debt-income ratio, that are only loosely linked with a more rigorous definition of sustainability. We employ balance sheet and income date from the PSID to project lifetime resources and compare these resources with household consumption to assess household financial sustainability. While three quarters of American households were sustainable in the mid 1980s, sustainability declined sharply through the early 2000s and remained low through the Great Recession and early years of the recovery. The level and trend of sustainability does not depend significantly on the households place in the income distribution. Older households are substantially less sustainable than younger households.”